優步 (UBER) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Uber's Q4 2020 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Balaji Krishnamurthy Investor Relations. Thank you. Please go ahead, sir.

女士們、先生們，感謝您的耐心等待，歡迎參加優步2020年第四季財報電話會議。 （操作說明）現在我將會議交給今天的發言人，投資者關係負責人巴拉吉·克里希那穆提先生。謝謝。請您發言，先生。

Thank you, David. Thank you for joining us today, and welcome to Uber Technologies' Fourth Quarter and Full Year 2020 Earnings Presentation. On the call today, we have Uber's CEO, Dara Khosrowshahi; and CFO, Nelson Chai. This is Balaji Krishnamurthy from the Investor Relations team.

謝謝大衛。感謝您今天參加我們的電話會議，歡迎參加優步科技2020年第四季及全年財報電話會議。今天出席會議的有優步執行長達拉·科斯羅薩西和財務長納爾遜·柴。我是投資人關係團隊的巴拉吉·克里希那穆提。

During today's call, we will present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the press release, supplemental slides and our filings with the SEC, each of which is posted to investor.uber.com. I will remind you that these numbers are unaudited and may be subject to change.

在今天的電話會議上，我們將提供GAAP和非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括GAAP指標與非GAAP指標的調節表，均包含在新聞稿、補充幻燈片以及我們向美國證券交易委員會（SEC）提交的文件中，這些文件均已發佈在investor.uber.com網站上。我在此提醒各位，這些數據未經審計，可能會有所變動。

Certain statements in this presentation and on this call are forward-looking statements. Such statements can be identified by terms such as believe, expect, intend and may. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties described in our most recent quarterly report on Form 10-Q for the quarter ended September 30, 2020, and in other filings made with the SEC when available.

本次簡報和電話會議中的某些陳述屬於前瞻性陳述。此類陳述通常包含「相信」、「預期」、「打算」和「可能」等字眼。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，除法律要求外，我們不承擔更新今日所作任何前瞻性陳述的義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們截至2020年9月30日的最新季度報告（10-Q表格）和向美國證券交易委員會提交的其他文件中描述的風險和不確定性（如有）。

Following prepared remarks today, we will open the call to questions. For the remainder of this discussion, all growth rates reflect year on -- year-over-year growth and are on a constant currency basis, unless otherwise noted. With that, let me hand it over to Dara.

在今天的演講結束後，我們將開放提問環節。除非另有說明，本次討論剩餘部分的所有成長率均指同比（同比）成長率，並以固定匯率為基礎。接下來，我將把發言權交給達拉。

Thank you, Balaji, and thanks for everyone joining us today. Since our last earnings call, the world has made considerable progress in the fight against COVID. While there's still a lot of work to do, we're cautiously optimistic that this progress will continue and effect, accelerate over the next quarters.

謝謝巴拉吉，也謝謝今天所有參加我們電話會議的各位。自上次財報電話會議以來，全球在對抗新冠疫情方面取得了顯著進展。雖然仍有許多工作要做，但我們謹慎樂觀地認為，這一進展將在未來幾季繼續並加速。

However, longer recovery takes Uber's business remains well positioned. Despite renewed lockdowns in Q4, we ended the year with total company gross bookings nearly flat year-on-year in December with gross bookings turning positive in January. Disciplined execution and increased scale in our delivery business allowed us to improve adjusted EBITDA by $161 million year-on-year in Q4.

然而，儘管復甦需要更長時間，Uber的業務仍保持良好態勢。儘管第四季再次出現封鎖，但我們12月份的公司總訂單量與去年同期基本持平，並在1月份實現了正成長。嚴格的執行和配送業務規模的擴大，使我們第四季的調整後EBITDA年增了1.61億美元。

This quarter marks the completion of a series of portfolio actions that began in Q2, with the goal of focusing the company on its 2 massive core opportunities of Mobility and Delivery. We executed 17 transactions in 2020, including acquisitions that increase our run rate gross bookings by over $6 billion and divestitures of non-core operations that, combined with other cost optimization actions, reduced our annualized EBITDA losses by over $1 billion.

本季標誌著始於第二季的一系列投資組合調整行動圓滿完成，旨在將公司業務重心集中於出行和配送兩大核心機會。 2020年，我們完成了17項交易，其中包括收購，這些收購使我們的年化毛訂單額增加了60多億美元；以及剝離非核心業務，這些舉措與其他成本優化措施相結合，使我們的年度EBITDA虧損減少了10多億美元。

These transactions, coupled with disciplined operational execution and continued product innovation has put us on a stronger and more focused foundation heading into 2020. As such, we have increased confidence in our ability to reach breakeven this year while continuing to invest in long-term initiatives close to our core.

這些交易，加上嚴謹的營運執行和持續的產品創新，使我們在進入2020年時擁有了更強大、更專注的基礎。因此，我們更有信心在今年實現損益平衡，同時繼續投資與我們核心業務密切相關的長期項目。

Looking ahead, our strategic priority in 2021 is to continue to harness the power that our platform that is multiple and growing product offerings can uniquely provide. Wherever you need to go, whatever you need to get, Uber can help. We believe our highly engaged consumer base on delivery will drive stronger mobility growth as cities reopen. On the flip side, we expect Mobility to become an increasingly powerful acquisition channel for our Delivery business.

展望未來，我們2021年的策略重點是持續發揮我們平台多元化且不斷成長的產品組合所帶來的獨特優勢。無論您需要去哪裡，無論您需要什麼，Uber都能為您提供協助。我們相信，隨著城市重新開放，我們高度活躍的配送用戶群將推動出行業務的強勁成長。另一方面，我們預期出行服務將成為我們配送業務日益重要的獲客管道。

For instance, our redesigned Uber super app already generated more than 10% of first-time eaters in Q4. We plan to accelerate cross-platform usage through a renewed focus on our Uber Pass and Eat Pass membership programs. We believe these will only become more valuable as we add new benefits and verticals like pharmacy and alcohol. Memberships ramped up significantly in Q4 with over 5 million members across 16 countries, and we have aggressive global expansion plans in 2021.

例如，我們重新設計的 Uber 超級應用在第四季度已吸引了超過 10% 的新用戶首次使用。我們計劃透過重新聚焦 Uber Pass 和 Eat Pass 會員計畫來加速跨平台使用。我們相信，隨著我們增加新的福利和服務領域，例如藥房和酒類，這些計劃的價值只會更高。第四季會員數量顯著增長，在 16 個國家/地區擁有超過 500 萬會員，我們制定了 2021 年積極的全球擴張計劃。

Now I'll dive into each of the core segments. First, Mobility, which continues to be affected by lockdowns around the world. Mobility GBS improved modestly in the fourth quarter, up 15% from Q3 levels but still down 47% year-on-year. In January, gross bookings were down 47% year-on-year, declining 10% month-on-month post-elevator holiday activity in December.

現在我將深入探討各個核心板塊。首先是出行業務，該業務持續受到全球各地封鎖措施的影響。旅遊業務全球業務服務（GBS）在第四季略有改善，較第三季成長15%，但年減47%。 1月份，總預訂量年減47%，季減10%，這是由於12月份的假日活動所致。

We're seeing extremely encouraging trends in APAC and Latin America with growth bookings in those 2 regions down only 25% to 30% in January. Two of our largest markets, Brazil and Australia, were down only 10% to 20% in January, while Taiwan grew 16% year-on-year.

我們在亞太和拉丁美洲看到了非常令人鼓舞的趨勢，這兩個地區的成長預訂量在1月僅下降了25%至30%。我們最大的兩個市場巴西和澳大利亞，1月的預訂量僅下降了10%至20%，而台灣地區則較去年增加了16%。

The recovery in these markets demonstrate consumers' pent-up desire start moving again while Uber is continuing to gain share versus other modes of transportation. Over the next 6 months, we'll begin to prepare our business to go from preservation mode to reposition. This means investing in new Mobility products such as either reserve, rentals, transit, taxis and motorbikes and rolling out new segmented offerings like Uber Comfort. We will focus on reengaging riders for their second first trips and reengaging drivers to meet ramping demand. If we do these things right, and the public health situation improves as expected, we're bullish that we can deliver strong growth and expanding margins in the second half of the year.

這些市場的復甦表明，消費者被壓抑已久的出行需求正在釋放，而優步（Uber）相對於其他交通方式的市場份額也在持續增長。未來六個月，我們將開始調整業務，從維持現狀轉向重新定位。這意味著我們將投資新的旅遊產品，例如預訂、租賃、公共交通、計程車和摩托車，並推出新的細分市場服務，例如優步舒適出行（Uber Comfort）。我們將專注於重新吸引乘客進行第二次出行，並重新吸引司機以滿足不斷增長的需求。如果我們能夠正確實施這些措施，並且公共衛生狀況如預期般好轉，我們有信心在下半年實現強勁增長和利潤率提升。

Now turning to Delivery, where we continue to execute well against the massive expansion in the category. We narrowed our focus to market that we consider attractive and where we can win, and we're now #1 or #2 in nearly the entirety of our Delivery footprint. At the same time, we're scaling our next strategic leg of 10-plus year growth, expanding our offerings into adjacencies beyond food delivery and into broader instant on-demand local commerce.

現在來說說外送業務，我們在這個領域持續保持著良好的執行力，成功應對了該品類的迅猛擴張。我們將重點放在我們認為有吸引力且能夠取勝的市場，目前在幾乎所有外帶覆蓋區域都位居第一或第二。同時，我們正在推進下一個戰略階段，預計未來十年將持續成長，我們將業務拓展到食品配送以外的領域，進軍更廣泛的即時按需本地商業市場。

Q4 gross bookings grew 128% and reached a $44 billion run rate in December. Revenue more than tripled and adjusted EBITDA margin as a percentage of revenue improved 100 points year-on-year. We've seen our business accelerate in January to over 150% year-on-year growth as the delivery continues to provide a natural hedge and lockdown. It's become clear that the pandemic has increased consumers' appetite for on-demand delivery of not just food, but all goods, and we take a major step to address this enormous opportunity.

第四季總訂單金額成長128%，12月份達到440億美元的年化率。營收成長超過兩倍，調整後EBITDA利潤率年增100個百分點。隨著配送業務持續發揮天然對沖作用，緩解疫情封鎖的影響，我們的業務在1月加速成長，年增超過150%。疫情顯然提升了消費者對按需配送的需求，不僅是食品，而是所有商品。我們正積極把握這一巨大機遇，邁出重要一步。

Our acquisition of Cornershop opened up grocery delivery for Uber, where we rapidly expanded globally. With Postmates, we bolstered our local commerce capability through their delivery-as-a-service offering that already counts Walmart, Apple and 7-Eleven as customers. In December, delivery-as-a-service, represented 18% of Postmates orders, and we intend to scale this out further along with our Uber Direct product.

收購 Cornershop 為 Uber 開拓了生鮮配送業務，我們迅速拓展了全球業務。透過與 Postmates 的合作，我們藉助其配送即服務 (Delivery as a Service) 增強了本地商業能力，該服務已擁有沃爾瑪、蘋果和 7-Eleven 等客戶。 12 月份，配送即服務佔 Postmates 訂單總量的 18%，我們計劃進一步擴大該服務規模，並同時推動 Uber Direct 產品的發展。

Last week, we announced our agreement to acquire Drizly, which will add the leading online alcohol marketplace to our portfolio. Drizly is growing at 300% year-on-year and is already profitable on an EBITDA basis. These new initiatives will remain an investment priority going forward. And in 2021, we expect to invest $200 million to $250 million pre-integration synergies to grow the business by meaningful multiples.

上週，我們宣布達成收購Drizly的協議，這將使我們的產品組合新增一家領先的線上酒類交易平台。 Drizly的年增長率高達300%，並且已經實現EBITDA獲利。這些新舉措仍將是未來投資的重點。 2021年，我們預計將投資2億至2.5億美元，用於整合前的綜效，以大幅提升業務規模。

While we leaned into growth, we also made significant progress overall on overall delivery profitability. In Q4, we had 15 countries generating over $100 million of EBITDA on just over $2.5 billion of gross bookings. We remain confident that delivery will turn EBITDA profitable in 2021, although we will not hesitate to lean in during the first half of the year.

在全力推動成長的同時，我們在整體交付獲利能力方面也取得了顯著進展。第四季度，我們在15個國家實現了超過1億美元的EBITDA，總訂單金額略高於25億美元。我們仍然相信，交付業務將在2021年實現EBITDA盈利，儘管我們將在上半年繼續加大投入。

While the external environment remains uncertain, I am more optimistic than ever about Uber's future. We've established the world's largest Mobility platform with a leading position in every major region that we operate in. In 5 years, we built the world's largest food delivery platform outside of China, which is growing substantially faster than the category and which we're using to expand into high potential adjacencies. These 2 platforms are synergistic and are powered by many common components, built by the most talented tech team in the business. We're lean, we're focused, and we're operating at global scale, and we will innovate relentlessly to make consumers' lives a bit easier as to create more earnings opportunities for drivers, couriers and our merchant partners. Uber is ready to go. Now over to Nelson for more details on the numbers.

儘管外部環境依然充滿不確定性，但我對優步的未來比以往任何時候都更加樂觀。我們已經打造了全球最大的出行平台，並在我們營運的每個主要地區都佔據領先地位。五年內，我們建立了中國以外全球最大的外送平台，其成長速度遠超過同類平台，我們正利用該平台拓展高潛力相關領域。這兩個平台相輔相成，由許多通用組件驅動，並由業界最優秀的技術團隊打造。我們精簡有效率、目標明確、業務遍及全球，並將持續創新，讓消費者的生活更加便捷，同時為司機、配送員和我們的商家合作夥伴創造更多收入機會。優步已做好充分準備。現在請尼爾森為大家帶來更多數據詳情。

Thanks, Dara. We continue to execute well against the tough operating environment for our Mobility business, investing for growth and delivery while improving total company adjusted EBITDA for both year-on-year and quarter-on-quarter.

謝謝，達拉。儘管出行業務面臨嚴峻的經營環境，但我們依然保持良好的營運狀態，持續投資於成長和交付，同時公司調整後 EBITDA 也實現了同比和環比雙增長。

During the quarter, we completed significant portfolio realignment actions, including our divestiture of ATG and acquisition of Postmates. I will now discuss key operational metrics as well as non-GAAP financial measures. All comparisons are year-over-year and on a constant currency basis, unless otherwise noted.

本季度，我們完成了重要的投資組合調整，包括剝離ATG和收購Postmates。接下來，我將討論關鍵營運指標以及非GAAP財務指標。除非另有說明，所有比較均以同比和固定匯率計算。

Total company gross bookings were down 4% but up 16% quarter-over-quarter. Revenue was $3.2 billion, down 15%, but up 13% quarter-over-quarter. Our revenue take rate was 18.5% of gross bookings, down 221 basis points year-over-year and down 62 basis points quarter-over-quarter as our business mix continue to shift towards delivery.

公司總預訂量較去年同期下降4%，但較上季成長16%。營收為32億美元，年減15%，但季增13%。由於業務結構持續向配送業務傾斜，我們的營收佔比為總預訂量的18.5%，年減221個基點，季減62個基點。

Non-GAAP cost of revenue, excluding D&A, increased to 45% from 43% of revenues but down 177 on an absolute dollar basis, driven by lower volumes in our Mobility business.

不計折舊和攤銷的非GAAP收入成本佔收入的比例從43%上升至45%，但以絕對美元計算下降了177%，這是由於我們的行動業務銷量下降所致。

Turning now to non-GAAP operating expenses, which exclude pro forma adjustments such as stock-based compensation and restructuring charges. Operations and support was down $123 million year-on-year, reflecting continued leverage from headcount reduction actions taken in the second quarter. Sales and marketing decreased $209 million as a result of lower marketing and promotion spend in our Mobility business.

接下來來看非GAAP營運費用，其中不包括股權激勵和重組費用等備考調整。營運和支援費用年減1.23億美元，反映了第二季裁員措施的持續影響。銷售和行銷費用下降2.09億美元，原因是我們在行動旅遊業務的行銷和推廣支出減少。

R&D was down $126 million, primarily driven by a decrease in headcount-related spend. G&A was the -- down $80 million year-on-year and quarter-on-quarter. Our spend decreased $10 million and improved as a percentage of revenue by 2 percentage points in continued top line recovery. Our Q4 2020 total company adjusted EBITDA loss was $454 million, improving $161 million year-over-year and $171 million quarter-over-quarter.

研發支出下降1.26億美元，主要原因是與人員相關的支出減少。一般及行政費用較去年同期均下降8,000萬美元。我們的支出減少了1000萬美元，佔收入的比例提高了2個百分點，這得益於營收的持續復甦。 2020年第四季公司調整後EBITDA虧損總額為4.54億美元，較去年同期改善1.61億美元，季增1.71億美元。

Now I'll provide additional detail on our segments. Starting with Mobility. Mobility gross bookings was $6.8 billion improved 15% quarter-over-quarter, but was down 47% year-on-year and a revenue of $1.5 billion, improved 8% quarter-over-quarter, but was down 51% year-over-year. Revenue take rate of 21.7% declined 90 basis points year-over-year with a 40 basis point impact from a onetime driver litigation settlement in Q4 and with lower take rate geographies such as LatAm recovering faster than expected. Despite a significant headwind to our top line performance, Mobility adjusted EBITDA was $293 million or a 20% of Mobility revenue, improving $48 million quarter-over-quarter.

現在我將詳細介紹我們的各個業務板塊。首先是出行業務。出行業務的總預訂額為68億美元，季增15%，但年減47%；營收為15億美元，季增8%，但年減51%。營收分成率為21.7%，年減90個基點，其中40個基點受到第四季一次性駕駛者訴訟和解的影響，而拉丁美洲等分成率較低的地區復甦速度快於預期。儘管我們的營收成長面臨顯著阻力，但出行業務的調整後EBITDA為2.93億美元，佔出行業務收入的20%，季增4,800萬美元。

Now on to Delivery. We've seen continued tailwinds related to stay-at-home orders driving Delivery gross bookings to $10.1 billion, up 128%. We consolidated Postmates in December, which contributed 8 points to year-on-year growth. Delivery revenue of $1.4 billion, up 220%, significantly outpacing gross bookings growth. Delivery revenue take rate was 13.5%, up 391 basis points year-on-year and up 21 basis points quarter-on-quarter.

接下來是外送業務。受居家隔離令的影響，外送業務持續成長，總訂單額達到 101 億美元，較去年同期成長 128%。我們在 12 月合併了 Postmates，其貢獻了 8 個百分點的年增長。外送收入達 14 億美元，年增 220%，顯著高於總訂單額的成長。外送收入分成率為 13.5%，較去年成長 391 個基點，較上季成長 21 個基點。

The year-over-year expansion was driven by higher basket sizes, improved network efficiencies and an increase in subscription revenue from Eats Pass. Additionally, we realized the 100 basis point benefit year-on-year from business model changes in some countries that reclassify certain payments and incentives as cost of revenue. Delivery adjusted EBITDA was a loss of $145 million, or negative 10.7% of revenue. That represents a $38 million, or 5.4 percentage point quarter-over-quarter improvement, respectively.

年比成長主要得益於客單價上漲、網路效率提升以及Eats Pass訂閱收入成長。此外，部分國家的商業模式調整將某些付款和激勵措施重新歸類為營業成本，也帶來了100個基點的年比收益。調整後的配送EBITDA虧損1.45億美元，佔營業收入的-10.7%。與上一季相比，季增3800萬美元，改善幅度達5.4個百分點。

Now on to Freight, which grew revenue 43% year-on-year to $313 million and adjusted EBITDA loss was $41 million. Freight EBITDA margin improved 12 percentage points quarter-over-quarter and year-on-year. Market rates remained elevated in Q4, putting constrained pressure on both industry margins and shipper supply chains. In this challenging environment, we've seen strong adoption of our digital offering, like API book loads and Uber Freight enterprise. Technology enables to provide shippers real-time and transparent access to carriers. And as a result, we saw a 45% quarter-on-quarter increase in active user bases of these products.

接下來是貨運業務，其營收年增 43% 至 3.13 億美元，調整後 EBITDA 虧損為 4,100 萬美元。貨運業務 EBITDA 利潤率較上月及年均提升 12 個百分點。第四季市場運價居高不下，對產業利潤率和托運人供應鏈都構成了一定的壓力。在這種充滿挑戰的環境下，我們看到用戶對數位化產品（例如 API 預訂貨運和 Uber Freight 企業版）的需求強勁成長。科技使托運人能夠即時、透明地獲取承運商資訊。因此，這些產品的活躍用戶數量較上季增加了 45%。

Additionally, Freights technology now provides for automated visibility into nearly 80% of loads moved, resulting in better service at lower operating costs. We feel good about the progress that Freight business is making, and we are encouraged by the numerous awards the team has won for service and technology from both industry pundits and our larger shippers.

此外，貨運技術現已實現近 80% 貨物運輸的自動化視覺化，從而在降低營運成本的同時提供更優質的服務。我們對貨運業務的進展感到欣慰，團隊憑藉卓越的服務和技術贏得了業內專家和大型托運人的眾多獎項，這令我們倍感鼓舞。

On to ATG and other technology programs, the adjusted EBITDA loss for the quarter was $72 million. As a reminder, we divested ATG and Uber Elevate during the quarter, with both transactions closing in January. Our Q4 2020 corporate G&A and platform R&D of $489 million, which represents the G&A and R&D not allocated to one of our segments, improved 24% year-on-year and slightly improved quarter-over-quarter on an absolute basis. As a percentage of total revenue, corporate G&A and platform R&D improved 3 percentage points quarter-over-quarter as we saw fixed cost leverage.

關於ATG和其他技術項目，本季調整後的EBITDA虧損為7,200萬美元。需要提醒的是，我們在本季剝離了ATG和Uber Elevate，兩筆交易都已於1月完成。我們2020年第四季的企業管理費用和平台研發支出為4.89億美元，該支出指未分配至任何業務部門的管理費用和研發支出，較去年同期成長24%，較上季略有改善。由於固定成本槓桿效應，企業管理費用和平台研發支出佔總收入的比例較上月下降了3個百分點。

In terms of liquidity, we ended the quarter with approximately $6.8 billion of unrestricted cash, cash equivalents and short-term investments and have access to over $2 billion from our revolver providing us with ample liquidity to manage through the recovery ahead.

就流動性而言，本季末我們擁有約 68 億美元的非限制性現金、現金等價物和短期投資，我們還可以從循環信貸額度中獲得超過 20 億美元的資金，這為我們提供了充足的流動性來應對未來的復甦。

Based on January trends, I'll provide a few comments around our expectations for Q1 performance. In January, Mobility gross bookings we're at a $25 billion annualized run rate, down 47% year-on-year on a constant currency basis or down 49% on a reported basis. COVID-based loads remain elevated with associated movement restrictions in many of our largest markets, including the U.S., the U.K., Canada and France. We are targeting Mobility take rate relatively flat quarter-over-quarter, consistent with normal seasonality. And although market mix based on COVID cases may impact take rate positively or negatively.

根據一月份的趨勢，我將就我們對第一季業績的預期做一些說明。一月份，出行業務的總預訂量按年化運行率為250億美元，以固定匯率計算年減47%，並以報告匯率計算年減49%。受新冠疫情影響，包括美國、英國、加拿大和法國在內的許多主要市場仍實施了相關的出行限制，導致客流量居高不下。我們預計出行業務的佣金率將與上一季基本持平，符合正常的季節性規律。儘管受新冠病例影響的市場結構可能會對佣金率產生正面或負面影響。

Turning to Delivery, we'll provide some color around quarter-over-quarter EBITDA progression expectations. Given the continued influx of new consumers to the category, particularly in markets like Europe, we are continuing to lean into delivery opportunities, including with incremental brand marketing spend, customer acquisition spend, as well as investments in our growing grocery and other new verticals.

接下來談談外送業務，我們將簡要介紹季度環比 EBITDA 成長預期。鑑於該品類持續吸引新消費者，尤其是在歐洲等市場，我們將持續增加外送業務的投入，包括增加品牌行銷支出、客戶獲取支出，以及投資於我們不斷成長的食品雜貨和其他新興垂直領域。

In Q4, incremental spend for Grocery Postmates was offset by one-off benefits. During Q1, we expect incremental investment of roughly $40 million to $50 million towards Postmates, groceries and other new verticals. For Postmates, in particular, we expect to narrow the losses as we move through integration and remain on track to delivering the $200-plus million at run rate synergy goals we disclosed last year.

第四季度，Postmates Grocery業務的新增支出被一次性收益所抵銷。第一季度，我們預計將對Postmates、生鮮雜貨和其他新業務領域追加約4,000萬至5,000萬美元的投資。特別是對於Postmates，我們預期隨著整合的推進，虧損將逐步收窄，並有望實現去年公佈的2億美元以上的年度綜效目標。

As we progress throughout the year, the Delivery EBITDA should improve significantly, and we remain confident in achieving breakeven at some point in 2021.

隨著年內業務的推進，交付業務的 EBITDA 應該會顯著改善，我們仍然有信心在 2021 年的某個時候實現盈虧平衡。

Putting it all together, we expect total company gross bookings to return to year-on-year growth in Q1 despite the current COVID impacts in Mobility as Delivery continues to drive strong growth. Based on current Mobility gross booking levels and anticipated delivery investments, we expect Uber's Q1 adjusted EBITDA to be flat or down quarter-over-quarter before we start seeing meaningful improvement throughout the rest of the year.

綜合所有因素，我們預計儘管出行業務目前受到新冠疫情的影響，但由於配送業務持續強勁增長，公司總預訂量將在第一季恢復同比增長。基於目前的旅遊業務預訂量水準和預期的配送業務投資，我們預計優步第一季調整後 EBITDA 將環比持平或下降，之後才會在今年剩餘時間內出現顯著改善。

We are pleased with the progress we've made in the last year. Uber is now on a stronger footing with a strong liquidity position of nearly $7 billion in cash. And while the bulk of our portfolio rational actions are behind us, we will continue to focus on activities that drive value to our shareholders, including monetizing our equity stakes as we have done recently with a small portion of our DiDi stake and executing strategic transactions such as Drizly. We remain on track to turn the EBITDA profitable in 2021, and we are confident that Uber can deliver sustained strong top line growth as we move past the pandemic. And with that, we'll open it up for questions.

我們對過去一年的進展感到滿意。優步目前財務狀況更穩健，擁有近70億美元的現金儲備，流動性充裕。雖然我們大部分的投資組合理性調整已經完成，但我們將繼續專注於為股東創造價值的活動，包括變現股權（例如我們近期出售的少量滴滴股份）以及執行諸如收購Drizly等戰略交易。我們仍有望在2021年實現EBITDA獲利，並且我們有信心，隨著疫情的消退，優步能夠持續實現強勁的營收成長。接下來，我們將開放提問環節。

(Operator Instructions) Your first question comes from the line of Justin Post with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的賈斯汀·波斯特。

Great. I hope you can hear me okay, I'm actually in an Uber, I got back. A couple of questions. I guess first...

太好了。希望你聽清楚我說話，我其實在優步車裡，剛到家。有幾個問題。我想先問…

Justin, you can ask questions from an Uber anytime.

賈斯汀，你可以隨時向優步司機提問。

It sounds like some of your -- more of your markets have turned profitable for delivery. So I'm guessing, what is enabling that. Is it scale? Are you finding operational efficiencies? And are any markets at your long-term target?

聽起來你們的一些市場——或者說更多市場——已經實現了外帶盈利。所以我想，是什麼促成了這一點？是規模經濟嗎？是營運效率的提升嗎？有沒有哪些市場達到了你們的長期目標？

And then I guess a second question, just how are trends in the U.S.? Obviously, you're going to be compared to your public comps. Just how are you doing on delivery and rides in the U.S. market share-wise?

那麼，我想問第二個問題，美國市場的趨勢如何？顯然，你們會被拿來和公開上市的競爭對手比較。你們在美國的配送和旅遊市場佔有率表現如何？

Yes, sure. I think it's basically on delivery, the general business is scaling as our -- as we bring more restaurants onto the platform, as we bring more eaters on to the platform, more couriers onto the platform. Essentially, we get to drive network for density. As the network gets more dense, essentially a courier has less mouth to cover for the average delivery, and our algorithms are getting smarter in terms of routing, in terms of wait time with restaurants and optimizing every last percentage in order to drive cost per transaction efficiency, which then helps our net revenue. And also really helps carrier earnings because they are being productive a higher percentage of the time that they are on network.

是的，當然。我認為關鍵在於外送配送，隨著我們平台上餐廳、食客和配送員數量的增加，整體業務也在不斷擴展。本質上，我們能夠提升網路密度。隨著網路密度的增加，配送員平均每次配送需要覆蓋的顧客數量減少，我們的演算法在路線規劃、餐廳等待時間等方面也更加智能，並優化每一個環節，從而提高單筆交易成本效率，最終提升我們的淨收入。同時，由於配送員在網路上的工作效率更高，他們的收益也會顯著提升。

That, in addition to just the business scaling up, right, if you're tripling revenue, I can tell you that we're certainly not tripling headcount or tripling overheads. So you just have revenue synergy, which is pretty beneficial. And we continue also to benefit from basket-size increases. And as basket size increase, the cost of the delivery stays the same. And again, that accrues to margin as well.

除了業務規模擴大之外，如果收入翻了三倍，我可以肯定地說，我們絕對不會把員工人數或營運成本也翻三倍。所以，我們只實現了收入綜效，這非常有利。而且，我們還持續受益於客單價的成長。隨著客單價的增加，配送成本維持不變。同樣，這也會增加利潤率。

So I would say there's not a single element that is responsible for the improvement in margins, but it's many elements coming together. And frankly, it's the team and the technology focused on continuing to drive hyper efficiency and in every part of the business.

所以我認為利潤率的提升並非單一因素所致，而是多種因素共同作用的結果。坦白說，這要歸功於團隊和技術的持續努力，他們致力於在業務的各個環節都實現超高效率。

I think the last part I would say is that, as your customer base -- as your established customer base becomes a higher percentage of your overall customer base, you've seen us increase our membership base from 1 million to 5 million, as you get a higher percentage of members, as you get a higher percentage of customers who have been with you for a period of time, your marketing costs should come down as a percentage of bookings or revenue. We're not there yet. We're leaning in. But I think that as I look forward 2, 3, 4 years on the Delivery business, there's more efficiency. But right now, we're finding a lot of new customers. And on the marketing side, generally, we are leading in and also getting the additional benefit of new leaders through our Mobility business.

我想最後補充一點，隨著您的客戶群——尤其是現有客戶群在整體客戶群中所佔比例的提高（正如您所看到的，我們的會員人數從100萬增長到500萬），隨著會員比例的提高，隨著長期客戶比例的提高，您的營銷成本佔預訂量或收入的比例應該會下降。我們目前尚未達到這個目標，我們正在努力。但我認為，展望未來2、3、4年，配送業務的效率將會更高。目前，我們正在開發大量新客戶。在行銷方面，我們總體上處於領先地位，並且透過我們的出行業務獲得了新的領導者，這為我們帶來了額外的收益。

As far as the trends versus other players in the U.S., I'd say that no surprise, it's obviously, Lyft, who's our largest competitor, released their numbers yesterday. I would say that there are no surprises as it relates to their numbers. They're a strong operator. And I would say that generally, we see our trends roughly comparable to their trends. Although from the insurance side, we've been pretty consistent in executing well there. So we kind of don't have these surprises, so to speak.

就我們與美國其他競爭對手的趨勢而言，我想說這並不令人意外。我們最大的競爭對手 Lyft 昨天公佈了他們的業績數據。他們的業績數據並不出乎我的意料。他們是一家實力雄厚的公司。總的來說，我們的發展趨勢與他們大致相當。不過，在保險業務方面，我們一直保持著良好的執行力。所以，可以說，我們在這方面並沒有遇到什麼意外。

As it relates to the Delivery business, we are in the U.S., growing at very significant rates, triple-digit rates. We see January trends in the U.S. actually improving over already strong trends that we saw in Q4. We can't exactly tell how we're doing versus all of our competition in the U.S. But we think that we're more than holding our own. And frankly, there's more to do there with a real focus being on improving our restaurant selection, which I think holds significant upside for us.

就外送業務而言，我們在美國的成長速度非常顯著，達到了三位數。我們看到，1月美國市場的趨勢實際上比第四季已經強勁的成長勢頭更加明顯。我們無法準確評估自身在美國市場與所有競爭對手相比的表現，但我們認為我們完全能夠保持自己的競爭力。坦白說，我們還有很多工作要做，目前我們真正關注的是優化餐廳選擇，我認為這方面蘊藏著巨大的成長潛力。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have 2. First one, Dara, with all the cost reductions and the adjustments you made to the business throughout 2020, and now with the Rides business kind of continuing to evolve, how do you think about sort of the long-term rides profitability now? Do you sort of remove those costs and the mix of the business continues evolving?

我有兩個問題。第一個問題，Dara，考慮到您在2020年對業務進行的所有成本削減和調整，以及現在乘車業務的持續發展，您如何看待乘車業務的長期盈利能力？您是否會削減這些成本，並讓業務組合繼續發展？

And the second question on Uber Pass, and you can share with us about frequency or user behavior of Uber Pass members versus nonmembers. And then you mentioned sort of being more aggressive to drive adoption. What types of strategies have you not yet really deployed to drive that growth of that Uber Pass?

第二個問題是關於 Uber Pass 的，您能否和我們分享一下 Uber Pass 會員和非會員的使用頻率或使用者行為？您之前曾提到要採取更積極的措施來推動 Uber Pass 的普及。為了促進 Uber Pass 的發展，您目前還有哪些策略尚未實施？

Yes. I'll start with Uber Pass, then I'll have Nelson talk about the long-term P&L. As far as Uber Pass goes, listen, we are very early in the development of Pass. I mean we started meeting into Pass middle of last year. We built that Eats Pass essentially on influx that the mainline Uber Pass team had built. And as a result, you see pretty significant acceleration. I think the last time we talked to you, we had 1 million paid members, and we got 5 million total members with that number expected to go up very significantly in 2021. While I don't want to give away competitive information, the frequency of Pass members is significantly higher than the frequency of non-Pass members.

是的。我先說說 Uber Pass，然後讓 Nelson 談談長期損益狀況。關於 Uber Pass，我們目前還處於 Pass 開發的早期階段。我的意思是，我們去年年中才開始著手開發 Pass。 Eats Pass 的開發基本上是基於 Uber Pass 主線團隊累積的用戶成長。因此，用戶成長速度非常快。我記得上次我們和您交流時，付費會員人數已經達到 100 萬，而現在總會員人數已經達到 500 萬，預計 2021 年這個數字還會大幅增長。雖然我不想透露競爭訊息，但 Pass 會員的使用頻率明顯高於非 Pass 會員。

So going out and acquiring Pass members is, while it may be unprofitable in period. If you look at the frequency increases and apply them to some reasonable lifetime value estimates, this becomes a very, very strong profit pool for us that either we can pull to the bottom line or we can use to reinvest in other appropriate markets. With that, Nelson, do you want to talk on margins?

所以，雖然拓展Pass會員在短期內可能不盈利，但如果考慮到會員使用頻率的提升，並將其應用到合理的終身價值估算中，這就會成為我們非常可觀的利潤來源，我們可以將其計入淨利潤，也可以將其再投資到其他合適的市場。那麼，納爾遜，你想談談利潤率嗎？

Yes. So Brian, we haven't updated our long-term margin. But again, we believe we'll continue to make progress towards it. And as you know, even given the COVID restrictions, as you heard in my prepared comments, we were at 20% in Mobility in the fourth quarter. As you know, in the first quarter of last year, we were at higher -- around 30% and so we're pretty confident in our ability to do that.

是的。布萊恩，我們還沒有更新長期利潤率。但我們仍然相信會繼續朝著這個目標邁進。如你所知，即使考慮到新冠疫情的限制，正如你在我的發言稿中聽到的，我們在第四季度的行動業務利潤率也達到了20%。你也知道，去年第一季我們的利潤率更高，約30%，所以我們對實現這一目標的能力相當有信心。

The incremental margins we're seeing are kind of in the mid-40s versus Q3. And again, a lot of it just has to do with us continuing to leverage against and get the efficiencies against our fixed cost base. And so we're pretty optimistic that as we get more COVID recovery, as people start moving, that -- we think we're very bullish in terms of the profitability profiles for our Mobility business.

我們看到的增量利潤率與第三季相比大約在40%左右。這很大程度歸功於我們持續利用槓桿效應，提高固定成本的效率。因此，我們非常樂觀地認為，隨著疫情的進一步復甦，人們的出行量逐漸恢復，我們出行業務的獲利前景將更加光明。

The other factor to add there is, Nelson and I are constantly managing the business based on portfolio of kind of profits and opportunities. And while we talk about the delivery business and rightly so, based on the growth of that business right now, as it relates to Mobility, when we look at the Germanys of the world, Japan, Argentina, new markets to get into, as we look at the opportunity to power taxi technology and hailables in general, when we think about the opportunity of shared rides when things open up, and then we look at our transit team, there are many, many growth opportunities in the Mobility segment. So I do think that we will take some of the incremental margins that we see in Mobility and reinvest in growth opportunities because we expect our Mobility business to grow at very attractive rates for years and years and years.

另一個需要補充的因素是，我和尼爾森始終基於利潤和機會的組合來管理業務。我們談到配送業務，而且鑑於該業務目前的成長勢頭，這當然非常重要。但就出行領域而言，當我們放眼德國、日本、阿根廷等新興市場，並考慮如何為出租車技術和叫車服務提供技術支援時，以及在市場開放後共享出行的機會時，再加上我們的公共交通團隊，出行領域蘊藏著巨大的成長潛力。因此，我認為我們將出行領域獲得的增量利潤再投資於其他成長機會，因為我們預計出行業務將在未來幾年內保持極具吸引力的成長速度。

And I think we're one of the few companies around that can afford to invest in those areas. And I think taxis are going to want more demand. Obviously, you've heard about transit needing help in terms of tech and in terms of cost effectiveness. And we want to help. We want to be part of the solution, but it's also a great opportunity for us.

我認為我們是少數幾家有能力在這些領域進行投資的公司之一。而且我認為計程車業的需求將會更大。顯然，大家都聽說過大眾運輸在技術和成本效益方面需要改進。我們想提供幫助，成為解決方案的一部分，同時這對我們來說也是一個絕佳的機會。

And Brian, last thing that I -- Brian, actually, one last thing is I would say that you've heard us talk in the past about where we see recovery. In the past, we talked about being 10% or 20% down in terms of getting towards breakeven. And so obviously, we have more room now because of the actions we took. And so again, we're feeling much better about it. But as Dara said, we are going to take some of that profitability and invest back in. So it doesn't necessarily change the full year outlook on when we're going to achieve total company profitability, but we certainly have more degrees of freedom. And so again, Dara covered and we covered in our prepared remarks, all the actions we took last year. And so we feel very good about how we're set up moving forward.

布萊恩，最後一點——布萊恩，其實還有最後一點——我想說的是，你之前也聽我們談過我們對復甦的預期。過去，我們說過，要達到損益平衡點，業績可能會下降10%到20%。顯然，由於我們採取的措施，現在我們有了更大的空間。所以，我們對此感覺好多了。但正如達拉所說，我們會將部分獲利再投資。因此，這並不一定會改變我們全年實現公司獲利的預期，但我們確實擁有了更大的靈活性。達拉和我們在事先準備好的演講稿中都提到了我們去年採取的所有措施。所以我們對未來的發展前景感到非常樂觀。

Your next question comes from the line of Eric Sheridan with UBS.

你的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe a few on the concept of what you've already seen in some of the markets with Mobility that have started to improve. Curious, just maybe following up on the last answer and some of the comments you made in the prepared remarks. Just what form is that taking in either stoking demand, growing or retaining the user base on the customer side as opposed to investing more heavily on the supply side and investing a deepening on the supply side in the markets that have recovered and/or have started the process of recovery? And how should we be thinking about that being applied more globally and what we should be watching for in terms of the form those investments might take?

或許可以就您在一些行動旅遊市場觀察到的復甦趨勢談談我的看法。我很好奇，想就您上次的回答以及您在準備好的發言稿中提到的一些內容再補充一點。這些復甦趨勢具體體現在哪些方面？例如，在客戶層面，是刺激需求、擴大或留住用戶群體，還是加大對供應端的投資，以及在已經復甦或正在復甦的市場中深化對供應端的投資？我們該如何看待這種模式在全球的應用？我們應該關注哪些方面的投資？

Sure, Eric. I think that the team that we have on the Mobility side is -- has dealt with the significant changes in volumes in Mobility and a pretty incredible rate, right? Like Q2, we were able to drive segment EBITDA profitability. So as the markets come back, one is that we're seeing both social use cases come back. So social use cases have been a bunch of the markets that have come back are like over 100% year-on-year and workday community uses come back. The only use case that hasn't come back is the airport. And the teams are very closely watching the balance between supply; drivers, who are coming on to the platform; and demand, which are our riders who are also coming back onto the platform.

當然，埃里克。我認為我們出行業務團隊已經以驚人的速度應對了出行業務量的巨大變化，對吧？例如第二季度，我們就實現了該業務板塊的 EBITDA 獲利。隨著市場復甦，我們看到社交應用場景正在恢復。許多市場已經恢復了社交應用場景，年成長超過 100%，工作日社群應用場景也在恢復。唯一尚未恢復的應用場景是機場。團隊正在密切關注供需平衡，即司機（他們正在重返平台）和乘客（他們也正在重返平台）。

And what's really exciting is that the coronavirus and everything that's happened, it's actually changed the nature of some of our riders using the Mobility use case. So if you look at, for example, Brazil, we are at 90-plus percent recovery in Brazil, yet 30% of our riders, who happen to be very, very high-value riders, hasn't even come back. So our business is already 90% back and then 30% of high-value riders, of total riders who happen to be very high value, they haven't even started to ride again. So we're seeing some pretty attractive signs. The team has been able to balance the marketplace pretty effectively.

真正令人興奮的是，新冠疫情及其引發的一切，實際上改變了我們部分出行用戶的行為模式。例如，以巴西為例，我們的業務已經恢復了90%以上，但仍有30%的高價值用戶尚未恢復使用。也就是說，我們的業務已經恢復了90%，而這30%的高價值用戶（佔所有高價值用戶的30%）甚至還沒有開始重新使用。因此，我們看到了一些非常積極的跡象。團隊已經有效地平衡了市場。

I do think that I'm worried about one thing going into the second half of the year is, are we going to have enough drivers to meet the demand that we're going to have in the Mobility segment. But I think this team has proven himself over and over again. And as the Mobility business comes back, we will look to continue to fund some of the new use cases, hailables, transit, et cetera. But frankly, we've been doing that anyway because those kinds of long-term bets are bets that we should be pushing during good or bad times. Does that answer your question, Eric?

我確實擔心下半年出遊領域會面臨的一個問題：我們是否有足夠的司機來滿足出行服務的需求。但我認為我們的團隊已經一次又一次證明了自己的能力。隨著出行業務的復甦，我們將繼續投資一些新的應用場景，例如叫車、公共交通等等。坦白說，我們一直都在這樣做，因為這類長期投資無論在經濟情勢好壞的情況下都應該繼續前進。艾瑞克，這樣回答你的問題了嗎？

It does.

確實如此。

Your next question comes from the line of Ross Sandler with Barclays.

你的下一個問題來自巴克萊銀行的羅斯桑德勒。

A couple of questions on Delivery. We've heard some grumblings about increased competition in each business in the U.K., Japan and Australia. So has your outlook changed at all for those 3 big countries? Are they still on track for breakeven? And is that $40 million of incremental investment, is that for each? Or is that for these adjacencies like Cornershop and Postmates, et cetera?

關於外送業務，我有幾個問題。我們聽到英國、日本和澳洲的各業務板塊競爭加劇，對此我們略有抱怨。您對這三個大市場的前景是否有改變？它們是否仍能達到損益兩平？另外，這4000萬美元的新增投資是針對每個業務板塊的嗎？還是也包括像Cornershop和Postmates這樣的相關平台？

And then the second one is Drizly, from what we understand, this is an ad marketplace, you kind of breakeven on the transaction and then the EBITDA is coming from the advertising side. So I guess, how does that fit in? And then are there any practices that they're doing that could be applied to Cornershop, Eats or the rest of Uber?

其次是Drizly，據我們了解，這是一個廣告交易平台，交易本身基本收支平衡，EBITDA主要來自廣告收入。那麼，它如何運作呢？他們有哪些做法可以應用在Cornershop、Eats或Uber的其他業務？

Got it. I'll let Nelson talk about the investment. But as far as the competitive environment goes, listen, the only environment we've known in Delivery is competitive. We were relatively late to the game. There were a bunch of market players who had already been, in some cases, incumbent. And I think based on the results that you're seeing, we are able to make progress, grow the business, grow faster than the category and improve margins.

明白了。關於投資方面，我會讓納爾遜來談談。但就競爭環境而言，聽著，我們在外送領域一直都面臨著激烈的競爭。我們進入這個領域的時間相對較晚。當時已經有很多市場參與者，其中一些甚至是行業領導者。我認為，根據你們看到的業績，我們能夠取得進步，發展業務，實現比行業平均更快的成長，並提高利潤率。

And I think that speaks to the power of the platform. It speaks to the fact that we have access to many, many common components as it relates to our tech platform, our identity platform, risk, insurance, et cetera. And it speaks to the power of the Uber brand and of teams who are local and understand market deeply. So I wouldn't characterize the competitive environment as getting any better or worse. I would characterize it as continuing to be intense, but it's been that way since we started. Nelson, do you want to talk through investment?

我認為這體現了平台的強大力量。它說明我們能夠利用許多通用元件，這些元件涵蓋我們的技術平台、身分平台、風險管理、保險等等。這也體現了優步品牌的強大實力，以及我們在地化團隊對市場的深刻理解。因此，我不認為競爭環境在變好或變壞。我認為它依然非常激烈，但自從我們創立以來一直如此。尼爾森，你想談談投資方面的問題嗎？

Sure. So in terms of the investment, I think, we said there was going to be probably an incremental $40 million to $50 million in the first quarter, and that is for Postmates groceries as well as other adjacencies. In terms of your question on, specifically around food delivery, again, you've heard us talk in the past, we have a capital allocation model. We go through it every month. We continue to lean and invest and grow. You are right. We are in very competitive marketplaces, as Dara mentioned, but we believe we're winning in places like the U.K. and Japan, where we're seeing high triple-digit type of growth what we saw in the quarter, and we are continuing to improve the economics.

當然。關於投資方面，我們之前說過第一季可能會新增 4,000 萬到 5,000 萬美元，這筆錢將用於 Postmates 的生鮮配送以及其他相關業務。至於你提到的食品配送方面的問題，正如你之前聽我們說​​過的，我們有一套資本配置模型，每個月都會進行調整。我們會持續進行精益求精、投資和發展。你說得對，正如 Dara 所說，我們身處競爭非常激烈的市場，但我們相信我們在英國和日本等市場取得了成功，這些市場的增長達到了三位數，正如我們上個季度所看到的，而且我們也在不斷改善盈利狀況。

And then obviously, there are some marketplaces like the Australia, as you called out and others that we've called out in the past in terms of not just being very, very strong from a top line perspective, but also very good from a margin perspective as well.

當然，還有一些市場，例如你提到的澳大利亞，以及我們過去提到的其他一些市場，不僅從營收角度來看非常非常強勁，而且從利潤率角度來看也非常好。

And we can agree like that, but the number of markets that are profitable, that then we can use to either reinvest or we can use to increase our overall profit profile. Just the quantum number of markets is increasing and the dollars that those markets are contributing to the P&L are also improving. So those are good trends. But again, it's within the context of a very competitive marketplace. And with these kinds of category growth, I certainly wouldn't count on it getting any better.

我們可以就此達成共識，但獲利市場的數量，以及我們可以用來再投資或提升整體利潤的市場數量，都在不斷增加，這些市場對損益表的貢獻也在提升。這些都是好趨勢。但話說回來，這一切都發生在競爭非常激烈的市場環境中。在這種品類成長模式下，我當然不認為情況會變得更好。

And then the only thing I would add is that I think you heard in my prepared remarks, we will deliver against the $200 million of synergies in Postmates when we announced the transaction. And so as those synergies come in, again, it will be less in terms of the drag as it is in the first quarter. But again, as Dara mentioned, there are some areas that we will continue to invest for growth.

最後我想補充一點，正如你們在我事先準備好的發言稿中聽到的，我們將兌現當初宣布收購Postmates時承諾的2億美元協同效應。隨著這些協同效應的逐步顯現，對業績的拖累將會比第一季減少。但正如Dara所提到的，我們仍將繼續在某些領域進行投資以促進成長。

Your next question comes from the line of Mark Shmulik with Bernstein.

你的下一個問題來自 Mark Shmulik 與 Bernstein 的對話。

A couple, if I may. The first, just wanted to follow-up on Eric's question. One of the things that you mentioned are in some of those international markets like Australia, where 30% of those super users haven't returned. Can you share a little bit of color on...

如果可以的話，我想問幾個問題。首先，我想就艾瑞克的問題做個後續說明。您提到在一些國際市場，例如澳大利亞，有30%的超級用戶沒有回歸。能否詳細介紹一下…

Sorry, that was Brazil, to be specific.

抱歉，更準確地說，那是巴西。

Sorry, Brazil. Yes. Can you share color on who is kind of driving that demand? Is it just other kind of returning users? Or any kind of cross-sell that you're seeing from kind of the delivery side is the customer acquisition channel?

抱歉，巴西。是的。您能否透露一下，究竟是誰在推動這種需求？僅僅是回頭客嗎？還是說，您從配送端或客戶獲取管道看到了某種交叉銷售？

And then second question, just I think you called it the super app. And as we just kind of look ahead, any updates on the road map there and the timing on how you think about integrating the different pieces into that super app?

第二個問題，我記得你稱它為超級應用。展望未來，關於路線圖以及您計劃如何將不同功能整合到這個超級應用中的時間安排，有什麼最新進展嗎？

Sure. In terms of the user base, I think that it's increasingly become apparent that Uber, as a transportation platform, is recovering faster than other transportation offerings in most of the markets in which we operate. And I think it reflects the investment that we made in safety, the technology that we invest in to make sure that drivers are masked up. And the trust that investors have -- sorry, that riders have in the platforms that we're building. So we see our service come back faster than taxi. In many cases, we see our volumes come back faster than transit. And it's because of consumer trust and it's because of investments that we're making.

當然。就用戶群而言，我認為越來越明顯的是，在我們營運的大多數市場中，作為出行平台的優步的復甦速度比其他出行服務更快。我認為這反映了我們對安全的投入，以及我們為確保司機佩戴口罩而投入的技術。也反映了投資者——抱歉，是乘客——對我們正在建立的平台的信任。因此，我們看到我們的服務恢復速度比計程車更快。在很多情況下，我們的客流量恢復速度甚至超過了大眾運輸。這都歸功於消費者的信任，也歸功於我們所做的投資。

So we are seeing new customer acquisition. It's a customer base that tends to be a bit more price-sensitive. So generally, I would tell you that our trips are growing faster than bookings, generally, if you look at many of these markets. And the consumer who -- there's a set of consumers. We're lucky enough who don't need to go to work that can work remotely, that's the consumer who hasn't come back. And when that consumer comes back, we think it will be an enormous tailwind because we'll have a bunch of new customers who have switched over from other forms of transportation, and then we'll have our loyal base coming back as well. So we think the setup is actually a pretty good setup.

所以我們看到新客戶正在成長。這部分客戶對價格比較敏感。總的來說，如果你觀察很多市場，你會發現我們的旅行量成長速度通常比預訂量成長速度更快。還有一部分消費者——我們很幸運，他們不需要去上班，可以遠距辦公——他們還沒有回歸。我們認為，當他們回歸時，將會帶來巨大的推動作用，因為我們將迎來大量從其他交通方式轉而來的新客戶，同時我們忠實的客戶群也會回歸。所以我們認為，目前的情況相當不錯。

I think one factor that has been a little bit surprising to us is that we've also seen non-urban riders come onto the platform with new use cases, et cetera. So in many -- and many times, we've seen core come back, we've seen kind of the outer boroughs come back, but we've also seen suburbs come back as well. And again, I think it's because we're trusted form of transportation, you get a lot of information regarding our platform, and we've invested in, I think we're seeing the results of those investments. What was the second question again?

我認為讓我們感到有些意外的一點是，我們也看到非城市地區的乘客帶著新的出行方式加入我們的平台。所以很多時候，我們看到核心城區和周邊城區都恢復了客流量，郊區也是如此。我認為這是因為我們是一個值得信賴的交通方式，用戶可以獲得很多關於我們平台的信息，而且我們也進行了投資，我認為我們現在正在看到這些投資的成果。第二個問題是什麼來著？

Just around the super app and the time line and road map.

就超級應用、時間表和路線圖而言。

I don't -- again, I don't want to give away the road map, that's competitive. But the team is -- I'd say there are 2 factors as it relates to the road map. One is that we're adding more categories. And as a result, you will see a super app that is more complete. And then just as important as adding more categories, is that we are adding -- we're using machine learning technology to make sure that the choices that we surface to you as either a rider or an eater are the best, most personalized choices.

我不想——再說一遍，我不想透露路線圖，這會影響競爭。但團隊正在——我想說，關於路線圖，有兩個因素。一是我們會增加更多類別。因此，你會看到一個更完善的超級應用程式。與增加更多類別同樣重要的是，我們正在使用機器學習技術，以確保我們向你（無論是騎手還是食客）推薦的選擇都是最佳的、最個性化的。

And as you can imagine, we have more data than anyone else in the field. We understand not only use it within Mobility and within Delivery, but across the two. So the combination of more choice and more personalization, we think, is pretty powerful. And the 10% of new eaters that I pointed out in Q4, that was with the super app being available for the first quarter in Android. So like that number is going to go up. And what we haven't really driven is Delivery back to Mobility in a big way. Our focus has been more Mobility and Delivery, but we see real potential as far as Delivery to Mobility or delivery to alcohol or delivery to grocery and those are all areas that we're focused on.

正如您所想，我們擁有比業內任何其他公司都多的數據。我們不僅了解如何在旅遊和外送領域運用這些數據，而且還會將兩者結合起來。因此，我們認為，更多選擇和更個性化的體驗相結合，威力無窮。我在第四季提到的10%的新用戶成長，是超級應用程式在安卓平台推出後的第一個季度實現的。所以，這個數字還會繼續成長。我們尚未真正大力推動外送業務回歸出行領域。我們一直專注於旅遊和外賣，但我們看到了外送業務回歸出行領域、外帶配送酒類或外送配送生鮮等領域的巨大潛力，這些都是我們關注的重點。

Your next question comes from the line of Doug Anmuth with JPMorgan.

你的下一個問題來自摩根大通的道格安穆斯。

Dara, you may have touched on it briefly on Drizly and the acquisition, but just wondering if you can help us understand more just the rationale kind of from a build-versus-buy perspective and then also a little bit more around the unit economics of the business.

Dara，你可能在 Drizly 和收購案中簡要地提到過這一點，但我想知道你是否能幫助我們更深入地了解一下從自建還是收購的角度來看，以及關於該業務的單位經濟效益方面的更多信息。

Yes. I think for us, as far as build versus buy, it went down to -- we got to know the Drizly team. We were super, super impressed with them. And I think that while at a high level, it's easy to say, well, this is delivery of all things, and it's delivery of food or delivery of grocery or delivery of alcohol, actually, each of these verticals can be quite idiosyncratic. And it is hard when you have a generalized platform to go in really, really deep as far as, for example, how do you search for products.

是的。我覺得對我們來說，在自建或收購的問題上，最終的決定因素是──我們認識了Drizly團隊。他們給我們留下了非常深刻的印象。雖然從宏觀層面來說，很容易說，這都是配送服務，包括食品配送、雜貨配送和酒類配送，但實際上，每個垂直領域都有其獨特性。如果你的平台過於通用，就很難深入研究，例如如何搜尋產品。

So as one small example, people who come to the Uber Eats app tend to search restaurant first, merchant first and then product. People who come to Drizly tend to search product first and then merchant. What are you looking for? Do you want IPA? They go product first, then the Drizly team is able to identify the merchants who are able to fulfill that product based on a confidential of speed and price, and then you dig, and then you go merchant second. That's just one example of how these 2 products that seem similar, and over a period of time, are going to come together, they're actually in these early iterations, and it's the details that really, really count, quite idiosyncratic, quite different.

舉個簡單的例子，Uber Eats 的用戶通常會先搜尋餐廳，再搜尋商家，最後搜尋產品。而 Drizly 的用戶通常會先搜尋產品，最後搜尋商家。你想找什麼？想喝 IPA 嗎？他們會先搜尋產品，然後 Drizly 團隊會根據速度和價格等因素篩選出能夠提供該產品的商家，之後用戶才會進一步了解產品信息，最後才找到商家。這只是一個例子，說明這兩個看似相似的產品，隨著時間的推移，最終會如何融合。它們目前都處於早期迭代階段，真正重要的是細節，它們各有特色，而且截然不同。

With alcohol, you've got the regulatory environment, which is different from state to state to state. As you know, we're highly, highly regulated company on a local basis. And we just saw Drizly team who built, who built fast, we built profitably and also did it the right way. So I think putting together like a product that is first-class merchant base that is highly penetrated and introducing them to the giant audience that we have, that's a pretty powerful combination. And you've seen it kind of executed on in other tech companies. And I think we will be able to turbocharge Drizly growth, hopefully, and also leave that team to execute the way that they've been executing, which is at a very, very high level.

酒類產業監管環境複雜，各州規定不盡相同。如您所知，我們是一家受到本地嚴格監管的公司。我們見證了 Drizly 團隊的快速發展，他們不僅實現了盈利，而且一切都走在正確的道路上。因此，我認為將我們擁有的優質商家基礎和高滲透率的產品，推廣給我們龐大的用戶群體，是一個非常強大的組合。您也曾在其他科技公司看到類似的成功案例。我相信，我們能夠加速 Drizly 的成長，同時也放手讓 Drizly 團隊繼續保持他們一貫的高水準。

Any...

任何...

Go ahead, sorry.

請便，不好意思。

I was just going to follow-up and ask any more color just on how you think about unit economics and take rate in the business?

我正想進一步詢問您關於單位經濟效益和利潤率在業務中的作用？

Yes. So this is Nelson. So as you might expect, the take rates, the basket sizes are larger versus the traditional ride or even a food delivery. And then as Dara mentioned, it is a little bit different because it's mostly a 2P business. And so what they do is they connect local merchants. And so if you've not use the product you should, they do a wonderful job. And then what they do is that they're competing. And so -- and they're providing, in most cases, the courier. If not, they do use third-party couriers as well.

是的。這就是Nelson。正如你所料，他們的佣金率和訂單金額都比傳統的叫車甚至外賣要高。正如Dara所提到的，它有點特別，因為它主要是一個2P（個人對個人）業務。他們所做的就是連結本地商家。如果你還沒用過他們的服務，強烈推薦你試試，他們做得很好。他們之間也存在著競爭。而且，在大多數情況下，他們會提供自己的配送員。如果沒有，他們也會使用第三方配送員。

And so the economics actually are quite good. And as Dara mentioned earlier, they are profitable today. And as you know, they are small, and we think they have a huge opportunity to continue to grow, but navigating through all of the various state-by-state liquor. So if you're in the state of Pennsylvania, you actually can't buy liquor, you can only buy beer, and it differs by state. And so they've done a very, very good job in terms of setting it up. But again, we like the unit economics a lot. The basket prices are very strong.

所以，他們的經濟效益其實相當不錯。正如達拉之前提到的，他們現在已經獲利了。你也知道，他們規模還小，我們認為他們有很大的發展空間，但需要應對各州不同的酒類管制規定。例如，在賓州，你其實買不到烈酒，只能買啤酒，各州的規定都不一樣。所以，他們在市場推廣方面做得非常出色。總之，我們非常看好他們的單位經濟效益。他們的商品組合價格也很有競爭力。

We also think the media opportunity there is pretty interesting as it is in the Delivery space generally.

我們也認為，這方面的媒體機會非常有趣，就像整個外送領域一樣。

Your next question comes from the line of Lloyd Walmsley with Deutsche Bank.

你的下一個問題來自德意志銀行的勞埃德‧沃姆斯利。

I have 2 questions, if I can. Just first, can you just talk a little bit more about your strategy for passing along the kind of Prop 22 costs? Are you passing the entire amount along to customers or keeping it in California? What are you seeing kind of competitors do and customers react?

如果可以的話，我有兩個問題。首先，您能否詳細談談您如何將22號提案的成本轉嫁給消費者？您是將所有成本轉嫁給消費者，還是留在加州？您觀察到競爭對手的做法以及消費者的反應是什麼？

And then the second one, can you talk about Uber Direct? How big of a priority is that for this year? And besides maybe grocery, what are some of the focus areas in terms of your partnerships? And anything you can share on kind of unit economics for that would be helpful.

第二個問題，可以談談 Uber Direct 嗎？它在今年的優先順序有多高？除了生鮮雜貨領域，您在合作方面還有哪些重點領域？如果您能分享相關的單位經濟效益數據，那就太好了。

Okay. So I'll cover Prop 22. So first of all, we believe Prop 22 was the right outcome for drivers and riders and Uber. And the price increases are manageable when compared to the 100-plus increases associated with traditional employment that we would have seen us exit most markets in California. And not just us, but our other competitors as well. So for Mobility, we've increased prices to account for most of the new costs, although we've absorbed a small amount ourselves. And for Delivery, the cost impacts are larger than Mobility. And while the price increases have accounted for the majority of the cost to the customer, but we have seen slightly bigger impact in Mobility. So I guess the shorter answer is we have seen some cost. We do think it's right. We've passed a fair amount on the consumers, but we've also absorbed some ourselves.

好的。那我來說說22號提案。首先，我們認為22號提案對司機、乘客和優步來說都是正確的結果。與傳統就業模式相比，價格上漲幅度超過100%，而如果我們不接受22號提案，我們可能不得不退出加州的大部分市場。不只我們，我們的其他競爭對手也面臨同樣的困境。在旅遊服務方面，我們提高了價格以涵蓋大部分新增成本，儘管我們自己也承擔了一小部分。而外送配送的成本影響比出行服務更大。雖然價格上漲的大部分成本都轉嫁給了乘客，但我們在旅行服務方面感受到的影響略大一些。所以，簡單來說，我們確實承擔了一些成本。我們認為這是正確的。我們已經將相當一部分成本轉嫁給了消費者，但我們自己也承擔了一部分。

And then on Uber Direct, as we mentioned, the direct business is about 18% of Postmates business in Q4. It's a much, much smaller percentage of Uber's overall business. And our focus on the enterprise has mostly been as it relates to U4B and now Eats for Business where we've seen incredible enterprise growth. But it's Bank of America, for example, using Eats for Business. So this is actually a -- I would consider it a relatively greenfield opportunity for Uber. We have -- we focused on initially kind of a consumer-to-consumer package delivery through Uber Connect, which has been very interesting. But the enterprise business is one where, frankly, we're going to take the lead from the Postmates team, who has built out those capabilities, already has merchant relationships with Apple, with Walmarts and many others.

至於 Uber Direct，如我們先前所提到的，第四季其業務量約佔 Postmates 業務量的 18%。這在 Uber 的整體業務中佔比要小得多。我們之前對企業業務的關注主要集中在 U4B 和現在的 Eats for Business 上，這兩個業務都取得了令人矚目的成長。例如，美國銀行正在使用 Eats for Business。所以，這其實是 Uber 的一個相對全新的發展機會。我們最初專注於透過 Uber Connect 提供 C2C 包裹遞送服務，這項服務非常出色。但坦白說，在企業業務方面，我們將藉鏡 Postmates 團隊的經驗，他們已經建立了相關能力，並與蘋果、沃爾瑪等眾多商家建立了合作關係。

And with our scale and our geographic footprint, which is broader, we think we can scale that business out quite attractively. The unit economics of the business that we've seen with Postmates are encouraging. And we think that it will be additive business and margins that are generally comparable on a bottom line basis because you're not going to get kind of revenue -- net revenue margins that are the same as a marketplace business. But from a bottom line kind of variable contribution margin basis, we think the unit economics are going to be roughly comparable. But it's a pretty cool promising business, and we're looking forward to the Postmates team and building on their efforts.

憑藉我們更大的規模和更廣泛的地域覆蓋，我們認為我們可以極具吸引力地擴展這項業務。我們從Postmates的營運中看到的單位經濟效益令人鼓舞。我們認為這將是一項增值業務，其利潤率總體上與現有業務相當，因為淨收入利潤率不會像市場平台業務那樣高。但從變動貢獻利潤率的角度來看，我們認為單位經濟效益大致相當。這是一個非常有前景的業務，我們期待Postmates團隊能夠在此基礎上繼續發展。

Your next question comes from the line of Jason Helfstein with Oppenheimer.

你的下一個問題來自 Jason Helfstein 與 Oppenheimer 的對話。

Two questions. Nelson, can you unpack maybe the quarter-to-quarter decline in the Mobility or the decline -- excuse me, Mobility take rate? And then maybe comment a bit how we should think about it in the first quarter. And then Dara, I mean, we're all kind of working through our TAM models. And just maybe how are you thinking about ramping grocery versus convenience versus (inaudible) versus alcohol? And just how you think about U.S. versus international? Because I think the business is kind of right now at unit economics by geography.

兩個問題。 Nelson，你能解釋一下行動業務（或者說行動業務的普及率）較上季下降的原因嗎？然後能否談談我們應該如何看待第一季的情況？ Dara，我們都在研究各自的TAM模型。你覺得在食品雜貨、便利商店、（聽不清楚）和酒類銷售方面，你們是如何看待業務成長的？以及你們如何看待美國市場和國際市場？因為我認為目前業務的單位經濟效益是按地域劃分的。

So the big driver of the take rate change for Mobility is really just mix. You heard Dara talk earlier about the fact that Brazil is almost 80% -- 85%, 90% of where it was pre crisis. And so Brazil, which, as you know, is one of our larger marketplace that has come back a lot faster than a place like the U.S. and parts of the Western Europe. And so it's really just mix shift-related. I think you heard in my prepared comments on the call, we expect take rates to be largely flattish in the first quarter. But again, there could be some variability based on mix shift. And as we see more recovery in some of the markets like the U.S. or like parts of Western Europe, you should see the mix shift benefit as that happens.

因此，出行業務佣金率變化的主要驅動因素實際上是產品組合的變化。您之前也聽到Dara提到，巴西的業務已經恢復到危機前水準的80%、85%甚至90%。如您所知，巴西是我們較大的市場之一，其復甦速度遠超美國和西歐部分地區。所以，這其實與產品組合的變化有關。我想您在我準備的電話會議發言中也聽到了，我們預計第一季佣金率將基本保持穩定。但同樣，佣金率可能會因產品組合的變化而出現一些波動。隨著美國或西歐部分地區等市場的進一步復甦，您應該會看到產品組合變化帶來的益處。

And then as far as the adjacencies and how we think about the adjacencies, obviously, Cornershop has been a part of our business for longer, for a bit of time now. It's a team that, again, has really built that business quite effectively with a relatively small amount of capital. So they had built a pretty efficient cost base and a service that really is driving a significant amount of loyalty as far as their customer base goes.

至於業務關聯性以及我們如何看待這些關聯性，顯然，Cornershop 加入我們的業務已經有一段時間了。他們的團隊確實用相對較少的資金有效地發展了這項業務。因此，他們建立了一個非常有效率的成本結構，並且提供的服務確實大大提高了客戶忠誠度。

So listen, I think if I were to order it, I think the grocery opportunity is very significant. And when you look at the percentage of consumers who have ordered grocery delivery, have used grocery delivery versus, let's say, food delivery, actually, the grocery delivery is substantially behind in terms of adoption than food delivery. So we think the opportunity with grocery is significant. We don't think that the markets have been one.

所以，聽著，我認為如果讓我下單的話，我會說生鮮雜貨市場潛力巨大。如果你看看訂購過生鮮雜貨配送服務的消費者比例，或者說使用過生鮮雜貨配送服務的消費者比例，就會發現生鮮雜貨配送服務的普及率遠低於食品配送服務。因此，我們認為生鮮雜貨市場潛力巨大。我們並不認為這兩個市場是一體的。

We have, obviously -- the Cornershop team has a big presence already in Latin America. Uber has a very big presence in Latin America. So the LatAm markets are absolutely a priority. But I think Europe and the U.S. are very high potential markets. In the U.S., I think, our approach is going to be more merchant-led. We'll look to sign off significant merchants. And obviously, then we will expand in geographies that match up those merchants. And Europe, we're going to be quite opportunistic.

顯然，Cornershop團隊在拉丁美洲已經擁有強大的影響力。 Uber在拉丁美洲也佔有舉足輕重的地位。因此，拉丁美洲市場絕對是我們的首要任務。但我認為歐洲和美國也是極具潛力的市場。在美國，我們的策略將更重視商家主導。我們會努力爭取與重要的商家合作。然後，我們自然會根據這些商家的實際情況，拓展到對應的地區。至於歐洲，我們將採取更靈活的策略。

So certain countries like France, for example, we are off to a really, really strong start there organically through the mainline Uber service. So I think grocery, we're kind of working on all fronts, but the global scope that we have is unique. We're going to scale the business. We anticipate scaling the business at multiples of the run rate that we're at now, which is $1.5 billion run rate. And the unit economics, we don't have to kind of prove out the unit economics, the Cornershop team has already proven out the unit economics. So it's about taking attractive unit economics scaling and really investing and building in the merchant relationships over a period of time.

例如，在法國這樣的國家，我們透過Uber主線服務實現了非常強勁的自然成長。我認為，在雜貨領域，我們正在各個方面努力，但我們擁有的全球視野是獨一無二的。我們將擴大業務規模。我們預期業務規模將達到目前15億美元年化收入的數倍。至於單位經濟效益，我們無需再進行驗證，Cornershop團隊已經證明了這一點。因此，關鍵在於維持具有吸引力的單位經濟效益，並隨著時間的推移，真正投資並建立與商家的長期合作關係。

Your next question comes from the line of Youssef Squali with Truist Securities.

你的下一個問題來自 Truist Securities 的 Youssef Squali。

Two questions, please. One is actually just a follow-up to that question, Dara. Maybe focusing on grocery and convenience store opportunity. So the competitive landscape seems to be prudent, and it's probably even more intensive than Delivery. Can you just speak to the competitive advantages that you see Uber as having relative to your key competitors? And kind of what are the key issues that still need to be ironed out before you kind of basically, maybe accelerate the investments there beyond what Nelson just said earlier, about Q1?

請問有兩個問題。第一個問題其實是針對你剛才那個問題的後續，Dara。我想專注於雜貨店和便利商店的市場機會。目前看來，競爭格局相當複雜，而且可能比外送配送領域的競爭更加激烈。您能否談談您認為Uber相對於主要競爭對手有哪些競爭優勢？在您決定是否要加大投資力道之前，除了Nelson剛才提到的第一季之外，還有哪些關鍵問題需要解決？

And then on Prop 22, it's now been challenging core by some drivers in the labor union. Does that worry you? And where are you in your discussions with policymakers in other states, I guess, especially given the new administration?

現在，一些工會成員對22號提案的核心內容提出了質疑。您對此感到擔憂嗎？鑑於新政府的上台，您與其他州的政策制定者之間的討論進展如何？

Sure. I think on grocery, I'll keep it simple. We have over 90 million monthly active platform consumers right now on the platform. And we have proven with our Mobility business being able to drive consumers to our delivery app, basically for free, the ability to move consumers and audience across this platform because they trust Uber, they trust our brand. We have all their information and, they trust us with their payment information and they trust us with their location. So we've already done it.

當然。關於生鮮雜貨，我覺得就簡單說說吧。我們平台目前擁有超過9000萬月活躍用戶。而且，我們已經透過旅遊業務證明了我們能夠將用戶引導至我們的配送應用，而且基本上是免費的。我們有能力將用戶和受眾群體轉移到這個平台上，因為他們信任優步，信任我們的品牌。我們掌握了他們的所有信息，他們也信任我們，將支付信息和位置信息都交給我們。所以，我們已經做到了。

And I think we can do the same with grocery because we essentially already proven out the unit economics. We don't need to make the unit economics work. The unit economics already work. We have a global audience, and that's, we think, a substantial strategic advantage versus our competition. It's really the merchant relationships that we have to work on. And in many markets, we are in great shape and in some markets, we have to develop those merchant relationships.

我認為我們在食品雜貨領域也能做到這一點，因為我們基本上已經證明了其單位經濟效益。我們不需要再去優化單位經濟效益，因為它已經行之有效。我們擁有全球客戶群，我們認為這是我們相對於競爭對手的巨大策略優勢。我們真正需要努力的是與商家建立良好的關係。在許多市場，我們的發展勢頭良好；而在其他市場，我們則需要進一步拓展與商家的關係。

On the Prop 22, we've got Tony West, our Chief Legal Officer on the line, I think. Tony, are you on? Can you comment on?

關於22號提案，我們連線的是首席法務官托尼·韋斯特，我想應該是他。東尼，你在嗎？可以談談你的看法嗎？

Sure. But could you just repeat the Prop 22? I know it was driver support, but I didn't get the full question.

當然可以。不過您能再重複一次22號提案的內容嗎？我知道是關於司機支援的，但我沒聽清楚您的問題。

Yes. So I was just saying that it's basically been a challenging quarter by, I know at least one labor union and some drivers. And so is that something that where is you at this point? And just broadly speaking, where are you in your discussions with policymakers in other states to try to use Prop 22 as a blueprint for other geographies?

是的。我剛才說的就是，據我所知，至少有一個工會和一些司機，基本上是一個充滿挑戰的季度。那麼，您目前對此有何看法？總的來說，您在與其他州的政策制定者討論如何將22號提案作為其他地區的藍圖方面進展如何？

So taking that last question first, those conversations are ongoing, and we were very clear after Prop 22 that we thought it was a good model, a good base from which to have conversations about how you have an independent contractor plus model, one that allows for benefits in addition to the flexibility and independence that we know earners prefer. So those conversations are ongoing in various venues around the country. And with regard to the lawsuit, you may have seen that the California Supreme Court actually denied the lawsuit, said it was not properly broaden at the Supreme Court level. We expect that, that lawsuit will probably show up again in some other form in a lower court. But on the merit, it's not one that particularly concerns us.

先回答最後一個問題，相關討論仍在進行中。在22號提案通過後，我們非常明確地表示，我們認為這是一個很好的模式，一個可以以此為基礎，探討如何建立「獨立承包商+」模式的良好基礎。這種模式不僅提供福利，還能滿足收入者所追求的彈性和獨立性。目前，我們在全國各地的不同場合都在就此展開討論。至於訴訟，您可能已經看到，加州最高法院駁回了該訴訟，認為最高法院沒有適當擴大訴訟範圍。我們預計，該訴訟可能會以其他形式在下級法院再次出現。但就案件本身而言，我們並不特別擔心。

Your last question comes from John Blackledge with Cowen.

您的最後一個問題來自 Cowen 公司的 John Blackledge。

Two questions. First, on Mobility, could you just discuss views on the business recovery over the next 2 years, maybe parsing out commuting versus business/airport travel? And then on Delivery, how do you view the long-term profit profile for the new verticals relative to each long-term profit profile?

兩個問題。首先，關於旅遊領域，您能否談談對未來兩年業務復甦的看法，例如通勤和商務/機場出行的區別？其次，關於配送領域，您如何看待各個新興垂直領域的長期獲利前景，以及它們與現有長期獲利模式的比較？

Sure. I'll get on Mobility and Nelson, maybe you can talk about the profit profile. Listen, I think as far as the Mobility recovery goes, this year, the recovery timing is going to be very much dependent on when and how cities open up. So while we can't predict quarters, we can certainly predict direction and I think we've proven out in big markets like Brazil and Australia, which is, as these markets open up, the business comes back, and it will start growing again. This is a business that has grown for many, many years. It's fundamentally a better way of moving. And I think what's really encouraging is that we are seeing a new customer base come on to our platform during these very difficult times. And when you combine that with a customer base who is going to start -- going to work again, who's going to start going out again, our loyal customer base historically, I think you're going to have a very strong growth profile.

當然。我會聯繫出行業務和尼爾森，也許你們可以談談盈利情況。聽著，我認為就出行業務的復甦而言，今年的復甦時間很大程度上取決於城市何時以及如何開放。所以，雖然我們無法預測具體季度，但我們絕對可以預測方向。我認為我們在巴西和澳洲等大型市場已經證明了這一點：隨著這些市場的開放，業務將會恢復，並再次開始成長。這是一個已經持續成長多年的業務。從根本上來說，它是一種更方便的出行方式。我認為真正令人鼓舞的是，我們看到在當前這段非常艱難的時期，新的客戶群正在加入我們的平台。再加上即將復工復產、恢復出行的客戶群，以及我們歷來忠實的客戶群，我認為我們將迎來非常強勁的成長。

So there's no doubt in my mind that, that as we go to look at next year, 2022 or 2023, our Mobility business will grow at substantial double-digit rates. And I believe that we will take share from other modes of Mobility because we have demonstrated the safety of the platform, the efficacy of the platform, the ease of use, the dependableness and the affordability of the platform as well. So I'm very, very optimistic as it relates to Mobility trends. What I'm even more optimistic about are the investments that we're making in other modes of transport and helping the transit agencies of the world recover and rebound of powering taxis with our routing, our hail e-hail technology, our pricing technology, et cetera.

因此，我毫不懷疑，展望明年，也就是2022年或2023年，我們的旅遊業務將以兩位數的顯著速度成長。我相信，我們將從其他出行方式中奪取市場份額，因為我們已經證明了我們平台的安全性、高效性、易用性、可靠性和經濟性。所以我對出行趨勢非常樂觀。更讓我樂觀的是，我們正在對其他交通方式進行投資，幫助全球公車機構透過我們的路線規劃、叫車/叫車技術、定價技術等，為計程車行業提供動力，從而實現復甦和復甦。

These, I think, will be incremental positives. And putting all together, I think it adds up to essentially a platform for any kind of transport in your city and a unique platform in terms of the scale and global scope. I think that travel -- internal company business travel will probably come back a bit slower. So it may take a couple of years to come back. Companies have cut down on it. They're using Zoom, et cetera. So I think that will be a slow return but I think external travel, salespeople going to visit clients. So once you've got a salesperson to win a client with a personal visit versus someone who just tries to win a client on Zoom, they're going to have plenty of folks traveling out just like they have for years and years and years.

我認為這些都會是逐步帶來的正面影響。綜合來看，我認為它基本上可以成為一個涵蓋你所在城市所有交通方式的平台，就規模和全球範圍而言，它是一個獨一無二的平台。我認為公司內部的商務旅行可能會恢復得比較慢，可能需要幾年時間才能恢復。公司已經減少了這類旅行，他們開始使用Zoom等工具。所以我認為商務旅行的恢復會比較緩慢，但我認為外部旅行，例如銷售人員拜訪客戶，會恢復正常。一旦銷售人員能夠透過親自拜訪來贏得客戶，而不是僅僅透過Zoom來爭取客戶，那麼就會有很多銷售人員像過去很多年一樣出差。

So internal travel, business travel may be a little slow to recover, but external business travel, we think will recover very quickly. And I think leisure travel will bounce back really quickly and significantly, not just this year, but next 2 or 3 years. So we're pretty optimistic. Again, we can't predict near-term timing. But when we look over a couple of years, the trends are there. And I think we've got a great kind of investment profile as well as profit and cost profile as the business comes back. Nelson, you want to take the second question?

所以，國內商務旅行的復甦速度可能會稍慢一些，但我們認為國際商務旅行會很快復甦。而且我認為休閒旅行也會迅速且顯著地反彈，不僅是今年，未來兩三年都會如此。所以我們相當樂觀。當然，我們無法預測短期內的具體時間。但展望未來幾年，趨勢已經顯現。我認為隨著業務的復甦，我們的投資前景、獲利能力和成本結構都將非常有利。尼爾森，你想回答第二個問題嗎？

Sure. So in terms of new verticals in Delivery, it's actually too early to comment and be too specific. But hopefully, we've proven to be pretty disciplined in terms of how we view investment. And we've been talking about it with our investors and with our -- and all of you folks over the past quarters in terms of how we go through our research allocation. You've seen and you saw during the course of 2020, the number of different actions you've taken including not just acquiring, but also moving away from things that we didn't think made sense from a long-term profit perspective.

當然。至於配送領域的新垂直業務，現在評論還為時過早，也難以給出具體細節。但我們希望，我們已經證明，我們在投資方面一直保持著相當的嚴謹態度。過去幾個季度，我們一直在與投資者以及各位討論我們如何進行研究分配。你們也看到了，在2020年，我們採取了許多不同的行動，不僅包括收購，還包括剝離那些我們認為從長期盈利角度來看沒有意義的項目。

We are going to continue to test and try a lot of different things. You probably heard Dara talk before about the fact that we really want to own the next hour. And so in doing so, we are trying to figure out over the course of the next few years as we move to COVID recovery, what are those things that we have the right to play, and you will see us lean in. And as you know, we've announced that we're doing some pharmacy-type things in the place like New York. You've already talked a little bit about Drizly on the call. You've heard us talk a little bit about Cornershop and grocery. So we think there are a number of different verticals that you're going to see us continue to build on.

我們將繼續測試和嘗試各種不同的方法。您可能之前聽過Dara說過，我們非常希望掌控未來一小時。因此，在未來幾年，隨著疫情的逐步恢復，我們將努力探索哪些領域是我們有權涉足的，您會看到我們全力以赴。如您所知，我們已經宣布將在紐約等地開展一些類似藥房的業務。您在電話會議上已經簡單提到了Drizly。您也聽到我們談到了Cornershop和雜貨店。因此，我們認為我們將繼續在多個不同的垂直領域中深耕。

And it's all about building and bringing in more people into the community. And so you hear about how many people you can act with users we have and so we will continue to build on it. We will be disciplined in terms of the economics. And you heard on Drizly, one of the things we really like was just the basket sizes. And you've heard us talk in the past about the way you drive margin as you get scale, you have economies, you get good basket sizes and you can generate margins. And so we'll continue to do that.

一切都圍繞著發展壯大，吸引更多人加入社群。正如你所聽到的，我們擁有龐大的用戶群體，能夠與眾多用戶互動，因此我們將繼續在此基礎上發展。在經濟方面，我們會保持嚴謹。你也聽到了我們在Drizly上非常重視的一點，那就是客單價。你也聽我們說過，隨著規模的擴大，我們可以提高利潤率，實現經濟效益，獲得可觀的客單價，進而創造利潤。我們將繼續這樣做。

I think just the only thing to add is like, I think that it's pretty simple in that our customer acquisition costs will structurally be lower, all things being equal, than our competitors' customer acquisition costs. And in these early markets, because all of these markets are in very, very early adoption, customer acquisition costs tend to be very significant as a percentage of, let's say, economics.

我覺得唯一需要補充的是，在其他條件相同的情況下，我們的客戶獲取成本從結構上來說會低於競爭對手。而且在這些早期市場，由於所有這些市場都處於非常早期的採用階段，客戶獲取成本在經濟效益中所佔的比例往往非常高。

What I'm really excited about with our membership program, now it's 5 million ever strong, is that our membership program just becomes more and more powerful. We'll be the only membership program that is providing discounts on food, providing discounts on rides, free grocery delivery, free alcohol delivery, et cetera, we will have the deepest and most meaningful local membership -- high-frequency local membership model. And what that will result in is not only a structural advantage in terms of customer acquisition costs, but also, hopefully, an advantage in terms of customer retention and lifetime value. And then underneath all of that, we built the payments ecosystem. We built the identity ecosystem. We have teams on the ground in every single 180 cities. So overhead costs and our operational costs should actually be more efficient than any of the other players. So like better cap, better LTV, more attractive margin profile, you put that together and you have the makings of -- we did it in Mobility, we did it in food. We're going to do it in Delivery.

讓我真正感到興奮的是，我們的會員計劃如今已擁有500萬會員，而且會員數量還在不斷增長。我們將是唯一提供餐飲折扣、出行折扣、免費雜貨配送、免費酒水配送等服務的會員計劃，我們將擁有最深入、最有意義的本地會員服務——高頻次的本地會員模式。這不僅將在客戶獲取成本方面帶來結構性優勢，而且有望在客戶留存率和終身價值方面帶來優勢。此外，我們也建構了支付生態系統和身分認證生態系統。我們在所有180個城市都設有團隊。因此，我們的營運成本和管理費用實際上應該比其他任何競爭對手都更低。更高的用戶上限、更高的終身價值、更具吸引力的利潤率等等，所有這些因素結合起來，就構成了我們成功的要素——我們在出行領域和餐飲領域都做到了。我們將在配送領域也做到。

All right. I think, Balaji, that was the last question, if I'm correct. Is that right?

好的。巴拉吉，如果沒記錯的話，那是最後一個問題了。對嗎？

Yes. Yes.

是的。是的。

All right. Great. Just -- I did want to say a special thank you to the Uber teams. 2020, I think, has been a super difficult year for the world. It's been a really difficult year for us as a team, but I'm just incredibly proud of how the team stood up. We asked ourselves a question like, how can we help our community first, how can we help our drivers first, our couriers first? And the team really, really stepped up this year. We've got a huge amount of work ahead of us, but yo really stepped up. So thank you for that. As far as our investors go, we will talk to you next quarter, and thank you for your interest, and thank you for your investment.

好的，太好了。我特別想感謝一下優步團隊。 2020年對全世界來說都是極為艱難的一年。對我們團隊來說也是如此，但我為團隊的表現感到無比自豪。我們一直在思考，如何才能先幫助我們的社區，如何才能先幫助我們的司機和配送員？團隊今年真的做得非常好。我們面前還有很多工作要做，但你們真的做到了。非常感謝你們。至於我們的投資者，我們會在下個季度和你們討論，感謝你們的關注和投資。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。